According to the latest report by IMARC Group titled “Ceiling Fan Market - Industry Trends, Manufacturing Process, Plant Setup, Machinery, Raw Materials, Cost and Revenue”, the global ceiling fan market reached a value of US$ 8.6 Million in 2016, expanding at a CAGR of nearly 5% during 2009-2016. A ceiling fan is a mechanical device that operates with electricity and cools the space by rotating its paddles in a clockwise direction which creates movement in the still air. Ceiling fans are extremely popular in developing countries as they are cost-efficient and have a long lifespan, generally more than 10 years. However, they have been gradually phasing out of the developed countries like the US and Europe after the introduction of electric air conditioning.
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Highlights of the global ceiling fan market:
- Rise in disposable incomes, urbanisation and electrification of rural areas are driving the market.
- Residential sector represents the largest end-use segment of ceiling fans, accounting for the majority of the share.
- Owing to a large population and warm climatic conditions, China is one of the largest producers of ceiling fans worldwide.
The global ceiling fan market is driven by a surge in the global construction market. Developing countries like India and China are initiating housing projects for the unhoused and slum dwellers. The governments of these countries are also targeting to electrify the rural areas in the coming years. Apart from this, due to rising disposable incomes, the consumers now look forward to a variety in the product line such as decorative fans with lighting, leading to a demand for premium products. Despite these factors, the market is affected by the existence of substitutes like air conditioners which are rapidly gaining popularity worldwide. However, the growth of the global ceiling fan market is projected to remain stable over the forecast period and register a value of US$ 10.6 Million by 2022.
The market has been segmented on the basis of end-use. Residential applications dominate the global market followed by commercial applications. On the basis of product type, standard ceiling fans are the most popular. The other product types include decorative fans, high speed fans and energy saving fans. The market has also been analysed on the basis of key regions. Currently, China represents the largest market for ceiling fans followed by India, European Union, United States and Brazil. Analysing the competitive landscape, the key global producers include Emerson fans, Hunter fans, Crompton Greaves, Shell Electric MFG Co. Ltd., Nutone, and Orient Fans.
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The report by IMARC Group has examined global ceiling fan market on the basis of:
- European union
- United states
- Standard fan
- Decorative fan
- High speed fan
- Energy saving fan
- Emerson fans
- Hunter fans
- Crompton Greaves
- Shell Electric MFG Co. Ltd.
- Orient fans.
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Electric Motor Market @ www.imarcgroup.com/electric-motor-manufacturing-plant
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